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Capitalism today may not be all we want it to be, but it's also not as bad as the critics would have you believe, says Larry Summers. While we may be stuck in a "cyclically, substantially depressed" economy right now, our system, warts and all, still beats the alternatives. (
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A fact-check of your post reveals the following:
1) Larry Summers was never in charge of the investment pool. Mohammed El-Arian and Jack Meyer were.
2) During Summer's tenure the Harvard endowment returned 20%/yr. There were a full 2 years following Summers departure until the Harvard endowment lost money for a year.
3) His politically incorrect statement on gender and math/science was certainly misguided but he absolutely never said women were incompetent. The whole thing was blown out of proportion by intellectually insecure people, mostly from the left.
4) Study after study confirms that the Obama stimulus prevented the economy from contracting further than it did. And many economists correctly warned that the stimulus was not enough. See
Jan 11, 2012. 12:07 AM
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